Ripple Labs announced that it is planning to leave the US, while XRP prices have also seen signs of a significant recovery.
The San Francisco-based blockchain company reiterated through its co-founder Chris Larsen that it could move to a crypto-friendly country (UK, Switzerland, Japan or Singapore) due to America’s sanctions-focused regulation on crypto and blockchain companies. “Blockchain and digital currencies are not welcome in the US,” Larsen said, saying:
“If you want to be in this business, you should probably go somewhere else. To be honest with you, we even consider moving our headquarters to a much more friendly area. ”
The statement comes after a US court denied two of three claims against Ripple last week. The charges were part of a class action lawsuit filed by Ripple’s investor Vladi Zakinov in November 2018. He claimed that the firm and its CEO, Brad Garlinghouse, were selling them illegal securities in the form of XRP tokens.
Garlinghouse accused the US Securities and Exchange Commission for failing to clarify any concrete laws for blockchain firms. He added that Ripple is not trying to avoid the rules by deciding to move abroad, but only wants to operate in an environment with clear regulations.
What’s the Outlook for XRP Prices?
XRP’s first reaction to this news was positive. The fourth-largest cryptocurrency by market cap was trending low on Wednesday. Cryptocurrency, on the other hand, has increased by 3% in the last 24 hours, according to CoinMarketCap data at the time of writing, and started trading at $ 0.253.
Vince Prince, an independent market analyst, said he expects XRP to see a big recovery in the coming sessions. He added that the turnaround point could be around $ 0.233-0.235. Prince used the following statements: